Meme coins are cryptocurrencies based on viral memes, often starting as jokes without specific utility. Their value is driven by blockchain tech and demand, with popularity surging from social media buzz. Relying on community support over utility makes meme coins especially volatile in the crypto world.
Some meme coins have become multibillion-dollar markets. For example, Dogecoin (DOGE) – the most popular of them all – is the 8th largest cryptocurrency, having a market cap of $16 billion as of mid-August 2024. To put it into perspective, it’s a bigger market cap than the native coins of Tron, Polygon, Polkadot, Avalanche, Chainlink, or Stellar, all of which try to bring innovation and address some challenges.
Dogecoin initiated the meme coin trend in late 2013 when two software engineers from IBM and Adobe humorously spoofed Bitcoin (BTC). Nevertheless, the coin could consolidate the subsequent hype since its underlying blockchain technology is genuine.
